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KSE sheds 7.28 pts amid volatile trade NBK retreats 20 fils; NIG gains

KUWAIT CITY, March 27: Kuwait stocks pulled lower Thursday snapping the three-day advance. The price index sagged 7.28 points in volatile trade to wind up at 7584.76 pts as profit taking weighed on select counters. Most of the banks swung higher whereas the other blue chips remained muted in absence of positive cues. The KSX 15 benchmark continued its gaining streak with 26.14 pts jump to 1193.87 points and took the month’s rise to 92 points while weighted index added 5.82 pts. The volume turnover meanwhile slipped for the second straight session. 176 million shares changed hands — a 11.64 pct drop from the day before. The sectors closed mostly in the green zone. Banks outled the rest with 1.59 percent upswing whereas real estate dipped 1.03 percent, the worst performer of the day. In terms of volume, financial services topped with 38.51 percent market share while real estate and banks followed with 30.85 pct and 17.24 percent respectively.

Among the losers, National Bank of Kuwait retreated 20 fils erasing the gains on Wednesday with a volume of 7.4 million shares and Commercial Bank of Kuwait followed suit to end at KD 0.760. United Projects Group dived 40 fils to KD 0.770 while Kuwait Portland Cement Co and Alargan International Real Estate Co shed 20 fils each. United Industries Co gave up 4 fils to settle at KD 0.174 while Kuwait Gulf Links edged 2 fils lower. Telecom major Zain was flat at KD 0.680 after trading 2.2 million shares whereas Wataniya Telecom slumped 140 fils to KD 1.740. Agility held the ground steady at KD 0.750 after vacillating in tight range.

Slipped
The market opened weak and slipped into red in early trade. The index hit the day’s lowest level of 7550.16 pts and moved sideways for nearly an hour. It clawed back almost halfway into the session and peaked at 7594.58 pts before trading choppy in the final minutes.  Top gainer of the day, National Consumer Holding Co soared 8.06 pct to 134 fils whereas Humansoft stood next with 7.81 percent jump. Al Argan Real Estate Co tumbled 10.31 percent, the steepest decliner of the day, while National Industries Group topped the volume with 14.5 million shares.  The market spread was slightly skewed towards the losers. 51 stocks advanced whereas 61 closed lower. Of the 159 counters active on Thursday, 47 closed flat. 4353 deals worth KD 35.92 million were transacted — a 1.89 pct fall in value from the day before.

Al Dar National Real Estate Co eased 2 fils and NICBM followed suit. The company has logged a net profit of KD 512,572 and earnings per share of 1.48 fils in the year ending Dec 31, 2013, sharply down from KD 5.02 million profit and earnings per share of 14.55 fils in the year before. National Real Estate Co dropped 6 fils to KD 0.156 and Al-Mazaya Holding ticked 2 fils lower. The company has logged a net profit of over KD 6 million and earnings per share of 10.27 fils in the year 2013 and the Board of Directors has recommended a dividend of 6 percent bonus shares. Mabanee Co however was unchanged at KD 1.140 off early lows. On the upside, Jazeera Airways climbed 15 fils to KD 0.460 and PAPCO rose 6 fils partly recouping the loss in the previous session. Burgan Well Drilling Co gained 6 fils whereas Independent Petroleum Group Co was up 5 fils at KD 0.415. National Industries Group rallied 10 fils and Gulf Cable was up by same measure to close at KD 0.780. ACICO Industries gained 20 fils. The company has posted a net profit of KD 6.41 million and earnings per share of 25.88 fils in 2013, up from KD 2.64 million profit and 10.66 fils EPS last year. The Board of Directors recommended a cash dividend of 10  percent and 5  percent bonus shares.

Flat
KIPCO rose 10 fils to KD 0.710 whereas Noor Financial Investment closed flat. The company has recorded a net profit of KD 9.05 million and earnings per share of 24.71 fils in the 2013. The Board of Directors has recommended a dividend of 10  percent bonus shares ALAFCO was steady at KD 0.255 and IFA Hotels and Resorts too did not budge from its earlier close of KD 0.265. Combined Group Contracting Co flat-lined at KD 1.160 ad Kuwait Food Co (Americana) followed suit. In the banking sector, Gulf Bank rose 10 fils to KD 0.380 on back of over 4 million shares and Al Ahli Bank too was up by same measure. Ahli United Bank and Burgan Bank gained 10 fils each while Kuwait International Bank closed 5 fils higher. Boubyan Bank climbed 10 fils to KD 0.520 and Kuwait Finance House rallied 40 fils on back of 6.7 million shares. The lender has recorded a net profit of KD 115.89 million and earnings per share of 32.69 fils in the year 2013 and the Board of Directors has recommended a cash dividend of 13  percent in addition to 13  percent bonus shares.

National Investment Co took in 2 fils whereas Kuwait Financial Centre and KMEFIC gave up 2 fils each. Securities House Co slipped 4 fils to 84 fils and Kuwait Investment Co edged 2 fils lower.  The bourse was largely buoyant during the week. The index has closed higher in three of the five sessions and gained 27 points week-on-week. The price index has shed 108 pts from start of the month and is up 0.47 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Kuwait and Middle East Finance Investment Company edged 2 fils lower. The company has logged a net profit of KD 1.160 million and earnings per share of 4.4 fils in 2013, as compared to KD 1.164 million loss and loss per share of 4.5 fils in the previous year.  Al Madar Finance and Investment has recorded a net profit of KD 3.58 million and earnings per share of 17.34 fils in 2013, rebounding from KD 7,60 million loss and loss per share of 36.73 fils in the previous year.

Strategia Investment has posted a net profit KD 3.36 million and earnings per share of 13.75 fils in 2013, rebounding sharply from KD 10,514 profit and earnings per share of 0.07 fils in the year before.  Kuwait Pipes Industries and Oil Services has incurred a net loss of KD 10.16  million and loss per share of 45.10 fils in the nine-month period ending 30 Sept 2013, widening from KD 3.21 million loss and loss per share of 14.25 fils in the same period last year.  Mashaer Holding has posted a net profit of KD 3.64 million and earnings per share of 20 fils during 2013 as against KD 4.31 million profit and earnings per share of 25 fils in the year before. The Board of Directors has recommended a cash dividend of 15  percent.

By John Mathews
Arab Times Staff


By: John Mathews

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